Investment properties consist of the following:

The Company’s depreciation and amortization expense was $184,933 and $185,100 for the three months ended September 30, 2012 and 2011, respectively. The Company’s depreciation and amortization expense was $556,452 and $555,299 for the nine months ended September 30, 2012 and 2011, respectively.

All of the Company’s land, buildings and improvements serve as collateral for its mortgage loans payable portfolio. Accordingly, restrictions exist as to each property’s transferability, use and other common rights typically associated with property ownership.

Investment properties consist of the following:

The PSF Entities’ depreciation and amortization expense was $102,143 and $130,625 for the three months ended September 30, 2012 and 2011, respectively. The PSF Entities’ depreciation and amortization expense was $393,004 and $449,591 for the nine months ended September 30, 2012 and 2011, respectively.

All of the PSF Entities’ land, buildings and improvements serve as collateral for its mortgage loans payable portfolio. Accordingly, restrictions exist as to each property’s transferability, use and other common rights typically associated with property ownership.